Blackstone Spends $83 Million on Van Nuys Acquisition

New York City investment firm Blackstone has acquired two adjoining buildings in Van Nuys for $83 million. First reported by The Real Deal, the purchase includes a light industrial building for $48 million, plus a warehouse facility for $35 million. Both sites share the 8201 Woodley Ave. address, which features 290,254 square feet of industrial space on 10.3 acres. Realty Bancorp Equities in Woodland Hills sold the two-building property to Blackstone. According to CoStar Group, the structures were built in 1965 and went through a 2000 renovation. Micro Solution Enterprises, a toner and cartridge maker and a subsidiary of Illinois-based Clover Imaging Group, has a lease for the industrial building, while Blagi Brothers, a trucking and logistics company based in Napa, has leased the warehouse. In the last couple of years, Blackstone has been prolific in penetrating the greater Los Angeles industrial market, as noted by its acquisition of a $1.04 billion TA Realty portfolio; Colony Capital’s warehouses for $5.9 billion; and GLP for $18.7 billion — all of which have included L.A.-area properties.